4 Major Reasons You Should Sell Your Home Fast in 2017
Consider selling your home in Marina Del Rey since it is the right time to jump into it. Real estate experts are saying that 2017 is the year of the home seller. So what are you waiting for? The following are reasons why you need to consider selling your home in Marina Del Rey.
Mortgage Rates Are Still Low
Rates are the most important part. With lower mortgage rates the lower it will be for monthly payments. Lowering cost will make your buyers look, which is a good thing for sellers. It has been hiking up since mid-October, we are about 4%. Mortgage rates move with the economy, they can go up and down at any time. They could be in the 4.6% to 4.8% rate range by the end of the year. For home sellers this is very important because potential buyers who are experienced might hustle to close on a home before the rates hike up.
Inventory is Shrinking
Low supply and high demand leads to rising prices. When the house inventory shrinks, the value goes up. For example: In 2007, just before the housing crash, existing home inventory peaked at 4.04 million homes for sale, according to NAR data. Fast-forward to November 2016: There were only 1.85 million homes for sale, 9.3% lower than the year before, and a whopping 54% lower than the 2007 peak. It is very simple; sellers have an advantage of having the least competition.
Home Prices Are Rising
Greater demand and low inventory have pushed home prices. According to the NAR, the average existing-home price in November 2016 was $234,900, up 6.8% from November 2015, when it was $220,000. This is no joke. That was the 57th consecutive month of year-over-year gains.
Due to high prices, homeowners whose property was underwater can sell without suffering a big loss. Sellers benefit out of high prices, particularly a seller whose property value plunged during the recession, a good tactic to use to lower what is owed.
Job Markets Are Standing Out
There is more good news for sellers; as unemployment decreases and wages increase, consumer buying grows. Increased confidence will allow buyers to get into the real estate market. They will start searching online for bigger places to live for more space. When customers are confident in a product, they will more likely spend money on the product. But first the buyer has got to do the research before buying. This is where sellers make sure to market to the home buyers to buy.
The take-home lesson: Don’t wait, because mortgage rates won’t. Professional Real Estate Specialists Bob and Cheryl are here to help you every step of the way. Click here to view the most recent listings.